Conference AgendaOverview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 30th Sept 2025, 02:00:36pm CEST
9:30am - 6:00pmConference Registration Location: Gartenlounge
1:30pm - 3:15pm1.1: Consequences of Market Intervention Location: Tiergarten Session Chair: Viral Acharya , New York University Stern School of Business
Voters, Bailouts, and the Size of the Firm
Linda Schilling
Olin Business School Washington University in St Louis, United States of America
Discussant: Wenhao Li (University of Southern California, Marshall School of Business)
When Should Governments Buy Assets?
Michael Sockin1 , Daniel Neuhann2
1 University of Texas at Austin, United States of America; 2 University of Texas at Austin, United States of America
Discussant: Victoria Vanasco (CREI, UPF, Barcelona GSE)
Bailout Addiction: Does Bailout Anticipation Induce Adverse Selection?
Fenghua Song1 , Anjan Thakor2
1 Pennsylvania State University, United States of America; 2 Washington University in St. Louis, United States of America
Discussant: Martin Oehmke (London School of Economics)
1:30pm - 3:15pm1.2: Corporate Investment and Financial Frictions Location: Köpenick Session Chair: Lukas Schmid , USC Marshall School of Business
Precautionary Debt Capacity
Deniz Aydın1 , Olivia Kim2
1 Washington University in St. Louis, Olin Business School; 2 Harvard Business School
Discussant: Egemen Eren (Bank for International Settlements)
Identifying Firm-Level Financial Frictions using Theory-Informed Restrictions
Andrea Caggese, Geert Mesters
UPF, Spain
Discussant: Roberto Steri (University of Luxembourg)
Investing in Misallocation
Mete Kilic, Selale Tuzel
USC Marshall School of Business, United States of America
Discussant: Lars Kuehn (Carnegie Mellon University)
1:30pm - 3:15pm1.3: Incentives of Central Bankers and Regulators Location: Charlottenburg I Session Chair: Enrico Perotti , University of Amsterdam
The Reverse Revolving Door in the Supervision of European Banks
Stefano Colonnello1,2 , Michael Koetter2,3 , Alex Sclip4 , Konstantin Wagner2
1 Ca' Foscari University of Venice, Italy; 2 Halle Institute for Economic Research, Germany; 3 Otto-von-Guericke University Magdeburg; 4 University of Verona
Discussant: Mikhail Mamonov (Toulouse Business School)
The Political Economy of Financial Regulation
Rainer Haselmann1 , Arkodipta Sarkar2 , Shikhar Singla3 , Vikrant Vig3
1 Goethe University Frankfurt; 2 National University of Singapore; 3 Stanford University
Discussant: Orkun Saka (City, University of London)
The Value of Private Meetings with Central Bankers
Rainer Haselmann1 , Maik Schmeling1 , Sebastian Schreiber1 , Michael Weber2
1 Goethe University Frankfurt, Germany; 2 Chicago Booth
Discussant: Franco Fiordelisi (University of Essex)
1:30pm - 3:15pm1.4: Asset Pricing with Heterogeneity and Subjective Beliefs Location: Charlottenburg II Session Chair: Raman Uppal , EDHEC Business School
Asset Prices, Wealth Inequality, and Taxation
Suleyman Basak1 , Georgy Chabakauri2
1 London Business School; 2 London School of Economics, United Kingdom
Discussant: Ali Lazrak (UBC)
Economic Growth Through Diversity in Beliefs
Christian Heyerdahl-Larsen3 , Philipp Illeditsch1 , Howard Kung2
1 Texas A&M University, United States of America; 2 London Business School; 3 BI Oslo
Discussant: Burton Hollifield (Carnegie Mellon University)
Risk Premia, Subjective Beliefs, and Bundled Monetary Shocks
Paymon Khorrami, Anna Cieslak
Duke University, United States of America
Discussant: Harjoat Bhamra (Imperial College Business School)
1:30pm - 3:15pm1.5: Financial Decisions of Households Location: Charlottenburg III Session Chair: Margarita Tsoutsoura , Washington University
Stock Market Wealth and Entrepreneurship
Gabriel Chodorow-Reich1 , Plamen Nenov2,3 , Vitor Santos3 , Alp Simsek4
1 Harvard University; 2 Norges Bank; 3 BI Norwegian Business School; 4 Yale University
Discussant: Daniel Wolfenzon (Columbia University)
The Banker in Your Social Network
Samuli Knüpfer1 , Elias Rantapuska1 , Theresa Spickers2
1 Aalto University; 2 University of Amsterdam
Discussant: Noah Stoffman (Indiana University)
(Not) Anticipating Predictable Inheritances
Erkki Johannes Vihriälä1 , Tuomo Virkola 2
1 Aalto University School of Business; 2 VATT Institute for Economic Research
Discussant: Akash Raja (Copenhagen Business School)
1:30pm - 3:15pm1.6: Financing Clean Vehicles Location: Schöneberg Session Chair: Effi Benmelech , Northwestern University
Financing the Global Shift to Electric Mobility
Jan Bena1 , Bo Bian1 , Huan Tang2
1 University of British Columbia, Canada; 2 The Wharton School
Discussant: Joao Monteiro (Einaudi Institute for Economics and Finance (EIEF))
Auto Finance in the Electric Vehicle Transition
Elizabeth Klee1 , Adair Morse2 , Chaehee Shin1
1 Federal Reserve Board; 2 UC-Berkeley
Discussant: Miriam Schwartz (Hebrew University of Jerusalem)
Do ESG Investors Care About Carbon Emissions? Evidence From Securitized Auto Loans
Christian Kontz
Stanford GSB, United States of America
Discussant: Lior Shabtai (Northwestern University)
1:30pm - 3:15pm1.7: PhD Session 1: Intermediaries and Pricing Location: Tegel Session Chair: Elena Loutskina , UVA
The Flattening Demand Curves
Alireza Aghaee Shahrbabaki
Bocconi University, Italy
Discussant: Chotibhak Jotikasthira (SMU - Cox School of Business)
Disentangling the Loan Premium: The Value of Bank Lending
Zhuolu Gao
Copenhagen Business School, Denmark
Discussant: Christopher James (University of Florida)
Monetary Policy Complementarity: Bank Regulation and the Term Premium
Stefan Walz
Columbia Business School, United States of America
Discussant: Johan Walden (University of California, Berkeley)
3:15pm - 3:30pmCoffee Break Location: Gartenlounge
3:30pm - 5:15pm2.1: Data Use by Banks and FinTechs Location: Tiergarten Session Chair: S "Vish" Viswanathan , Duke University
Fintech Disruption, Banks, and Credit (Dis-)Intermediation: When Do Foes Become Friends?
Yasser Boualam1 , Paul Yoo2
1 UNC Kenan-Flagler Business School; 2 American University - Kogod School of Business
Discussant: Yue Yuan (University College London)
Information Span in Credit Market Competition
Zhiguo He2 , Jing Huang1 , Cecilia Parlatore3
1 Texas A&M University; 2 Stanford University; 3 New York University
Discussant: Basil Williams (Imperial College)
The Limits of Big Data in Credit Markets
Uday Rajan2 , Yan Xiong1
1 Hong Kong University of Science and Technology, Hong Kong S.A.R. (China); 2 University of Michigan
Discussant: Stefano Pegoraro (University of Notre Dame)
3:30pm - 5:15pm2.2: Pricing of Corporate Bond and ABS Characteristics Location: Köpenick Session Chair: Andrew Winton , University of Minnesota
Textual Disclosure in Prospectuses and Investors’ Security Pricing
Jörn Debener1 , Arved Fenner1 , Philipp Klein 1,2,3 , Steven Ongena3,4,5,6,7
1 University of Münster, Germany; 2 University of Paderborn, Germany; 3 University of Zurich, Switzerland; 4 SFI; 5 KU Leuven; 6 NTNU Business School; 7 CEPR
Discussant: Melina Papoutsi (ECB)
Heterogeneous Intermediaries and Bond Characteristics in the Transmission of Monetary Policy
Matteo Leombroni1 , Federic Holm-Hadulla2
1 Boston College, United States of America; 2 ECB
Discussant: Veronica De Falco (Harvard University)
Financially Sophisticated Firms
Lira Mota, Kerry Siani
MIT SLOAN SCHOOL OF MANAGEMENT, United States of America
Discussant: Stefano Lugo (Utrecht University)
3:30pm - 5:15pm2.3: Bank Assets Location: Charlottenburg I Session Chair: Jan P. Krahnen , SAFE, Goethe University Frankfurt
Failing Banks
Sergio Correia1 , Stephan Luck2 , Emil Verner3
1 Board of Governors of the Federal Reserve System; 2 Federal Reserve Bank of New York; 3 MIT
Discussant: Kasper Zimmermann (Frankfurt School of Finance & Management)
Monetary Transmission through Bank Securities Portfolios
Daniel Greenwald1 , John Krainer2 , Pascal Paul3
1 New York University; 2 Board of Governors of the Federal Reserve; 3 Federal Reserve Bank of San Francisco
Discussant: Filippo De Marco (Bocconi University)
The Secular Decline in Interest Rates and the Rise of Shadow Banks
Andres Pablo Sarto, Olivier Wang
New York University
Discussant: Dmitry Kuvshinov (Universitat Pompeu Fabra)
3:30pm - 5:15pm2.4: Factors in Bond and Equity Returns Location: Charlottenburg II Session Chair: Svetlana Bryzgalova , London Business School
Does Peer-Reviewed Research Help Predict Stock Returns?
Andrew Chen1 , Alejandro Lopez Lira2 , Tom Zimmermann3
1 Federal Reserve Board; 2 University of Florida; 3 University of Cologne
Discussant: Shri Santosh (University of Maryland)
The Corporate Bond Factor Zoo
Alexander Dickerson1 , Christian Julliard2 , Philippe Mueller3
1 University of New South Waes, Australia; 2 London School of Economics, United Kingdom; 3 Universisty of Warwick, United Kingdom
Discussant: Lukas Schmid (USC Marshall School of Business)
Corporate Bond Factors: Replication Failures and a New Framework
Jens Dick-Nielsen, Peter Feldhütter, Lasse Heje Pedersen, Christian Stolborg
Copenhagen Business School, Denmark
Discussant: Chuck Fang (Drexel University)
3:30pm - 5:15pm2.5: Student Loans and Entrepreneurship Location: Charlottenburg III Session Chair: Merih Sevilir , ESMT-Berlin and Halle Institute for Economic Research (IWH), ECGI
The Effects of the QSBS Exemption on Entrepreneurship and Innovation
Jun Chen1 , Joan Farre-Mensa2
1 Renmin University of China; 2 University of Illinois Chicago
Discussant: Alexander Reifschneider (Halle Institute for Economic Research (IWH))
Labor Market Polarization and Student Debt
Sanket Korgaonkar1 , Elena Loutskina1 , Constantine Yannelis2
1 University of Virginia; 2 University of Chicago
Discussant: Tim Liu (University of Utah)
The Effect of Student Loans on Entrepreneurial Firm Risk-taking, Performance, and Access to Venture Capital with Implications for the Biden Administration's Student Loan Forgiveness Program
Harshit Rajaiya1 , Tom Chemmanur2 , Karthik Krishnan3 , Pinshuo Wang4
1 University of Ottawa, Canada; 2 Boston college; 3 Northeastern University; 4 University of South Florida
Discussant: Ekaterina Gavrilova (Nova School of Business and Economics)
3:30pm - 5:15pm2.6: Climate Concerns of Households and Analysts Location: Schöneberg Session Chair: Mariassunta Giannetti , Stockholm School of Economics
Household Climate Finance: Theory and Survey Data on Safe and Risky Green Assets
Shifrah Aron-Dine2 , Johannes Beutel1 , Monika Piazzesi2 , Martin Schneider2
1 Deutsche Bundesbank; 2 Stanford University
Discussant: Ye Zhang (Stockholm School of Economics)
Fighting Climate Change with FinTech
Antonio Gargano1 , Alberto Rossi2
1 University of Houston; 2 Georgetown University
Discussant: Ruidi Huang (Southern Methodist University)
Climate Value and Values Discovery in Earnings Calls
Zacharias Sautner1 , Grigory Vilkov2 , Laurence van Lent3 , Ruishen Zhang4
1 University of Zurich and Swiss Finance Institute; 2 Frankfurt School of Finance & Management; 3 Frankfurt School of Finance & Management; 4 Shanghai University of Finance and Economics
Discussant: Maria Loumioti (The University of Texas at Dallas)
3:30pm - 5:15pm2.7: PhD Session 2: Climate Risks and Effects of IPOs Location: Tegel Session Chair: Martin Oehmke , London School of Economics
What Drives Beliefs about Climate Risks? Evidence from Financial Analysts
Matilde Faralli
Imperial College London, United Kingdom
Discussant: Raghavendra Rau (University of Cambridge)
Climate Risk and Contract Completeness: Evidence from Corporate Real Estate Leases
Masashi Takahashi
Pennsylvania State University, United States of America
Discussant: Francesco D\'Acunto (Georgetown University)
The Silicon Divide: High-Technology IPOs and the Widening Socioeconomic Gap
Wenchuan Zhao
University of Oxford, United Kingdom
Discussant: Ting Xu (University of Toronto)
6:00pm - 8:00pmElsevier-Sponsored Welcome Reception Location: Hugos 360°
7:30am - 8:30amBreakfast Buffet - for participants staying at the InterContinental Hotel under FIRS room block Location: L.A. Café
7:30am - 12:30pmConference Registration Location: Gartenlounge
8:30am - 10:15am3.1: Voting and Trading Location: Tiergarten Session Chair: Alon Brav , Duke University
Bankruptcy Law and the Market for Corporate Influence
Mike Burkart1 , Lee Samuel2 , Vladimirov Vladimir3
1 London School of Economics and Political Science; 2 University of Santa Clara; 3 University of Amsterdam
Discussant: Arthur Taburet (Duke University)
Untying the Knot: Disentangling Cash Flow and Voting Rights for Better Price Informativeness
Aaron Burt1 , Ran Duchin2 , Christopher Hrdlicka3
1 University of Oklahoma; 2 Boston College; 3 University of Washington
Discussant: Matthew Ringgenberg (University of Utah)
Trading and Voting on Proxy Advice
Markus Parlasca 1 , Paul Voss2
1 Vienna University of Economics and Business; 2 HEC Paris
Discussant: Shaoting Pi (Iowa State University)
8:30am - 10:15am3.2: Market for Executives and Talent Location: Köpenick Session Chair: Dirk Jenter , The London School of Economics and Political Science
The Talent Gap in Family Firms
Morten Bennedsen3 , Margarita Tsoutsoura1 , Daniel Wolfenzon2
1 Washington University, United States of America; 2 Columbia University; 3 University of Copenhagen
Discussant: Joacim Tåg (IFN and Hanken)
Succession
Thomas Geelen 1,2 , Jakub Hajda3
1 Copenhagen Business School, Denmark; 2 Danish Finance Institute; 3 HEC Montreal
Discussant: James Dow (London Business School)
Why Are CEOs Rarely Succeeded by External Candidates?
Li He1 , Enrique Schroth2
1 Rotterdam School of Management, Erasmus University Rotterdam; 2 EDHEC Business School and CEPR
Discussant: Francesco Celentano (HEC Lausanne)
8:30am - 10:15am3.3: Relationship Lending and Bank Specialization Location: Charlottenburg I Session Chair: Allen Berger , University of South Carolina
Specialization in Banking
Kristian Blickle2 , Cecilia Parlatore1 , Anthony Saunders1
1 New York University; 2 Federal Reserve Bank of New York
Discussant: John Sedunov (Villanova University)
Banking on Deposit Relationships: Implications for Hold-Up Problems in the Loan Market
Jin Cao1,2 , Emilia Garcia-Appendini1,3 , Cédric Huylebroek1,4
1 Norges Bank; 2 CESifo; 3 University of Zurich; 4 KU Leuven
Discussant: Hugh Hoikwang Kim (University of South Carolina)
Do Bank Branches Matter? Evidence From Mandatory Branch Closings
Sergio Vicente1 , Alfredo Martin-Oliver2 , Anna Toldra-Simats3 , Jose-Luis Peydro4 , Gabriel Jimenez5
1 University of Luxembourg; 2 Universitat de les Illes Balears; 3 Universidad Carlos III de Madrid; 4 Imperial College London; 5 Banco de España
Discussant: Lars Norden (Getulio Vargas Foundation)
8:30am - 10:15am3.4: Convenience Yields and Interest Rates Location: Charlottenburg II Session Chair: Paymon Khorrami , Duke University
Inflation and Treasury Convenience
Anna Cieslak1 , Wenhao Li2 , Carolin Pflueger3
1 Duke University; 2 University of Southern California; 3 University of Chicago
Discussant: Quentin Vandeweyer (University of Chicago)
The Zero-Beta Interest Rate
Sebastian Di Tella1,4 , Benjamin Hebert1,2,4 , Pablo Kurlat3,4 , Qitong Wang3
1 Stanford University, United States of America; 2 UC Berkeley, United States of America; 3 University of Southern California, United States of America; 4 NBER
Discussant: Asaf Manela (Washington University in St. Louis and Reichman University)
Monetary Policy, Segmentation, and the Term Structure
Rohan Kekre2 , Moritz Lenel1 , Federico Mainardi2
1 Princeton; 2 Chicago Booth
Discussant: Dejanir Silva (Purdue University)
8:30am - 10:15am3.5: Intermediaries in Treasury and OTC Markets Location: Charlottenburg III Session Chair: Burton Hollifield , Carnegie Mellon University
Entry and Exit in Treasury Auctions
Jason Allen1 , Ali Hortacscu2 , Eric Richert3 , Milena Wittwer4
1 Bank of Canada; 2 Univeristy of Chicago; 3 Univeristy of Chicago; 4 Boston College
Discussant: Pietro Bonaldi (Carnegie Mellon University)
Dealer Capacity and U.S. Treasury Market Functionality
Darrell Duffie1 , Michael Fleming2 , Frank Keane2 , Claire Nelson3 , Or Shachar2 , Peter Van Tassel4
1 Stanford University; 2 Federal Reserve Bank of New York; 3 Princeton University; 4 Independent
Discussant: Maria Chaderina (University of Oregon)
LTCM Redux? Hedge Fund Treasury Trading and Funding Fragility
Mathias Kruttli1 , Phillip Monin2 , Lubomir Petrasek2 , Sumudu Watugala1
1 Indiana University, United States of America; 2 Federal Reserve Board of Governors, United States of America
Discussant: Matthias Fleckenstein (University of Delaware)
8:30am - 10:15am3.6: Cyber Risk Management Location: Schöneberg Session Chair: Kristine Hankins , University of Kentucky
Cybersecurity And Financial Stability
Kartik Anand1 , Chanelle Duley2 , Prasanna Gai2
1 Deutsche Bundesbank, Germany; 2 University of Auckland, New Zealand
Discussant: Lin Shen (INSEAD)
Consumer Surveillance and Financial Fraud
Bo Bian1 , Michaela Pagel2 , Devesh Ravel3 , Huan Tang 4
1 UBC Sauder School of Business; 2 Washington University Olin Business School; 3 The Federal Trade Commission; 4 The Wharton School, University of Pennsylvania
Discussant: Pat Akey (INSEAD)
The Supply Of Cyber Risk Insurance
Martin Eling1 , Anastasia Kartasheva1,2 , Dingchen Ning1
1 University of St Gallen, Switzerland; 2 Swiss Finance Institute
Discussant: Jakob Ahm Sørensen (Università Bocconi)
10:15am - 10:30amCoffee Break Location: Gartenlounge
10:30am - 12:15pm4.1: Debt Structure Location: Tiergarten Session Chair: Elu von Thadden , Mannheim University
A New Theory of Credit Lines (With Evidence)
Jason R Donaldson1 , Naz Koont2 , Giorgia Piacentino1 , Victoria Vanasco3
1 University of Southern California, United States of America; 2 Columbia University; 3 CREI
Discussant: Barney Hartman-Glaser (UCLA)
Creditor-on-Creditor Violence and Secured Debt Dynamics
Samuel Antill1 , Zhaoli Jiang2 , Neng Wang3
1 Harvard Business School; 2 The Hong Kong Polytechnic University; 3 Columbia University
Discussant: Thomas Geelen (Copenhagen Business School)
Explaining Debt Covenant Amendments: A Structural Approach
Irina Luneva
The Wharton School, University of Pennsylvania, United States of America
Discussant: Simon Rother (University of Mannheim)
10:30am - 12:15pm4.2: Effects of Managerial Characteristics Location: Köpenick Session Chair: Christa Bouwman , Texas A&M University
Similarity Breeds Trust: Political Homophily and CEO-Board Communication
Sudipto Dasgupta1 , Ran Guo 3,4 , Xiao Ren2 , Tao Shu1
1 The Chinese University of Hong Kong; 2 The Chinese University of Hong Kong, Shenzhen; 3 Erasmus University Rotterdam; 4 Stockholm University
Discussant: Spyridon Lagaras (University of Pittsburgh)
The Efficacy of Remote Work for Executives
Ran Duchin1 , Denis Sosyura2
1 Boston College; 2 Arizona State University
Discussant: Mariassunta Giannetti (Stockholm School of Economics)
Eclipse of Rent-Sharing: The Effects of Managers’ Business Education on Wages and the Labor Share in the US and Denmark
Alex He1 , Daron Acemoglu2 , Daniel le Maire3
1 University of Maryland; 2 Massachusetts Institute of Technologyv; 3 University of Copenhagen
Discussant: Daniel Metzger (Erasmus University)
10:30am - 12:15pm4.3: Corporate Debt and Loan Renegotiation Location: Charlottenburg I Session Chair: Arnoud Boot , University of Amsterdam
Debt Flexibility
Rhys Bidder1 , Nicolas Crouzet2 , Margaret Jacobson3 , Michael Siemer3
1 King's College London; 2 Northwestern University; 3 Federal Reserve Board of Governors
Discussant: Tomislav Ladika (University of Amsterdam)
Strategic Default and Renegotiation: Evidence from Commercial Real Estate Loans
Serdar Dinc1 , Erkan Yonder2
1 Rutgers University; 2 Concordia University
Discussant: Dong Beom Choi (Seoul National University)
Corporate Debt, Boom-Bust Cycles, and Financial Crises
Victoria Ivashina1 , Sebnem Kalemli-Özcan2 , Luc Laeven3 , Karsten Mueller4
1 Harvard University; 2 University of Maryland; 3 European Central Bank; 4 National University of Singapore
Discussant: Tanju Yorulmazer (Koc University)
10:30am - 12:15pm4.4: Fund Mandates and Pricing Consequences Location: Charlottenburg II Session Chair: Chotibhak Jotikasthira , SMU - Cox School of Business
Passive Demand and Active Supply: Evidence from Maturity-mandated Corporate Bond Funds
Lorenzo Bretscher1 , Lukas Schmid2 , Tiange Ye2
1 University of Lausanne; 2 University of Southern California
Discussant: Giorgio Ottonello (Nova School of Business and Economics)
Off Target: On the Underperformance of Target-Date Funds
David Brown1 , Shaun Davies2
1 University of Arizona; 2 University of Colorado, Boulder
Discussant: Jinming XUE (Southern Methodist University)
Institutional Investors, Securities Lending, and Short-Selling Constraints
Taisiya Sikorskaya
London Business School, United Kingdom
Discussant: Mehrdad Samadi (Federal Reserve Board)
10:30am - 12:15pm4.5: Limited Liquidity of Money Markets Location: Charlottenburg III Session Chair: Benjamin Hebert , Stanford University
The Central Bank's Balance Sheet and Treasury Market Disruptions
Adrien d Avernas1 , Quentin Vandeweyer2 , Damon Petersen3
1 Stockholm School of Economics, Sweden; 2 Chicago Booth; 3 MIT
Discussant: Amy Huber (The Wharton School)
Financially Constrained Intermediaries and the International Pass-Through of Monetary Policy
Xiaoliang Wang
HKUST, Hong Kong S.A.R. (China)
Discussant: Xiang Fang (University of Hong Kong)
10:30am - 12:15pm4.6: FinTech Apps and Household Behavior Location: Schöneberg Session Chair: Andreas Fuster , EPFL
The Supply and Demand for Data Privacy: Evidence from Mobile Apps
Bo Bian1 , Xinchen Ma2 , Huan Tang3
1 University of British Columbia; 2 London School of Economics; 3 University of Pennsylvania
Discussant: Roxana Mihet (SFI & HEC Lausanne)
Mood Swings and Money: The Role of Financial Technology in Household Credit Demand
Ran Duchin1 , Paul Freed2 , John Hackney2
1 Boston College; 2 University of South Carolina
Discussant: Tobias Berg (Goethe University Frankfurt)
The Digital Banking Revolution: Effects on Competition and Stability
Naz Koont
Columbia University
Discussant: Gloria Yang Yu (Singapore Management University)
12:30pm - 2:00pmLunch and Keynote Address by Albert S. "Pete" Kyle Location: Pavillon
2:00pm - 5:00pmConference Registration Location: Gartenlounge
2:30pm - 4:15pm5.1: Finance and Political Economy Location: Tiergarten Session Chair: Bruno Biais , HEC
How Effective are Portfolio Mandates?
Jack Favilukis1 , Lorenzo Garlappi1 , Raman Uppal2
1 University of British Columbia; 2 EDHEC Business School
Discussant: Valeria Fedyk (London Business School)
All The President's Money: Market Concentration, Oligarchs and Sanctions in Hybrid Regimes
Peter Kondor1 , Gergely Ujhelyi2
1 London School of Economics; 2 University of Houston
Discussant: Paul Voss (HEC Paris)
Political Preferences and Financial Market Equilibrium
Youchang Wu1 , Josef Zechner 2
1 University of Oregon; 2 Vienna University of Economics and Business
Discussant: Magdalena Rola-Janicka (Imperial College London)
2:30pm - 4:15pm5.2: Mergers and Acquisitions Location: Köpenick Session Chair: Paolo Fulghieri , University of North Carolina
Negotiation, Auction, or Negotiauction?! Evidence from the Field
Tingting Liu1 , Micah S. Officer2 , Danni Tu3
1 Iowa State University; 2 Loyola Marymount University; 3 Southern Illinois University Carbondale
Discussant: William Fuchs (University of Texas Austin / UC3M)
Maturity Overhang: Evidence from M&A
Zhiyao Chen1 , Dirk Hackbarth2 , Jarrad Harford3 , Yuxin Luo2
1 Lingnan University; 2 Boston University; 3 University of Washington
Discussant: Francesca Zucchi (ECB)
Tax Avoidance through Cross-Border Mergers and Acquisitions
Jean-Marie Meier 1 , Jake Smith2
1 University of Pennsylvania and University of Texas at Dallas; 2 Securities and Exchange Commission
Discussant: Merih Sevilir (ESMT-Berlin and Halle Institute for Economic Research (IWH), ECGI)
2:30pm - 4:15pm5.3: Mortgage Lending and Inequality Location: Charlottenburg I Session Chair: Felipe Severino , Tuck- Dartmouth College
Keeping Up With The Blackstones: Institutional Investors And Gentrification
Neroli Joy Austin
University of Michigan, United States of America
Discussant: Jamie Coen (Imperial College London)
Minority Specialized Lenders
Erica Jiang2 , Gregor Matvos1 , Amit Seru3 , Lulu Wang1
1 Northwestern University; 2 University of Southern California; 3 Stanford GSB
Discussant: Kim Fe Cramer (LSE)
Leverage Regulation and Housing Inequality
Jens Kvaerner1 , Nicola Pavanini2 , Yushi Peng1
1 Tilburg University; 2 Tilburg University and CEPR
Discussant: Clara Martínez-Toledano (Imperial College)
2:30pm - 4:15pm5.4: New Perspectives on Asset Pricing Theory Location: Charlottenburg II Session Chair: Hengjie Ai , University of Wisconsin
Responsible Consumption, Demand Elasticity, and the Green Premium
Xuhui Chen, Lorenzo Garlappi, Ali Lazrak
University of British Columbia
Discussant: Shaojun Zhang (Ohio State University)
Dynamic Trading and Asset Pricing with Time-Inconsistent Agents
Lars A. Lochstoer1 , Stig R. H. Lundeby2 , Zhaneta K. Tancheva 2
1 UCLA Anderson School of Management; 2 BI Norwegian Business School
Discussant: Ella Patelli (UBC)
Demand-System Asset Pricing: Theoretical Foundations
William Fuchs1 , Satoshi Fukuda2 , Daniel Neuhann1
1 University of Texas at Austin, United States of America; 2 Bocconi University
Discussant: Hengjie Ai (University of Wisconsin)
2:30pm - 4:15pm5.5: Refinancing Mortgages Location: Charlottenburg III Session Chair: Paul Willen , Federal Reserve Bank of Boston
Mortgage Lock-In, Mobility, and Labor Reallocation
Julia Fonseca1 , Lu Liu2
1 UIUC; 2 The Wharton School, University of Pennsylvania
Discussant: Eric Hardy (Fannie Mae)
The Digital Divide and Refinancing Inequality
Edward T. Kim
University of Michigan
Discussant: Charlotte Haendler (Southern Methodist University)
Refinancing Frictions, Mortgage Pricing and Redistribution
Konstantin Milbradt1 , Fabrice Tourre2 , David Berger3 , Joseph Vavra4
1 Kellogg School of Management, Northwestern University, USA; 2 Baruch College, CUNY, USA; 3 Duke University, USA; 4 Booth School of Business, University of Chicago, USA
Discussant: Nicolae Garleanu (Washington University in St. Louis)
2:30pm - 4:15pm5.6: Fragility of Payment Systems Location: Schöneberg Session Chair: Johan Walden , University of California, Berkeley
CBDCs, Payment Firms, and Geopolitics
Tobias Berg1 , Jan Keil1,2 , Felix Martini 3 , Manju Puri4,5
1 Goethe University Frankfurt; 2 Humboldt University Berlin; 3 Frankfurt School of Finance & Management; 4 Duke University; 5 National Bureau of Economic Research
Discussant: Christine Parlour (UC Berkeley)
Payments, Reserves, and Financial Fragility
Itay Goldstein1 , Ming Yang2 , Yao Zeng1
1 University of Pennsylvania, United States of America; 2 University College London, United Kingdom
Discussant: Vincent Maurin (HEC Paris)
Anatomy of a Run: The Terra Luna Crash
Jiageng Liu1 , Igor Makarov2 , Antoinette Schoar3
1 MIT Sloan; 2 LSE; 3 MIT Sloan, NBER and CEPR
Discussant: Linda Schilling (Olin Business School Washington University in St Louis)
6:30pm - 10:30pmConference Dinner at Gendarmerie
7:30am - 8:30amBreakfast Buffet - for participants staying at the InterContinental Hotel under FIRS room block Location: L.A. Café
7:30am - 10:30amConference Registration Location: Gartenlounge
8:30am - 10:15am6.1: Design of DeFi and Exchanges Location: Tiergarten Session Chair: Vincent Maurin , HEC Paris
Arms Sales in Financial Markets
Vincent Glode1 , Xingtan Zhang2
1 The Wharton School of University of Pennsylvania; 2 University of Colorado at Boulder, United States of America
Discussant: Francesco Sangiorgi (Frankfurt School of Finance & Management)
Battle of the Bots: Flash loans, Miner Extractable Value and Efficient Settlement
Alfred Lehar1 , Christine Parlour2
1 University of Calgary, Canada; 2 UC Berkeley
Discussant: Michael Junho Lee (Federal Reserve Bank of New York)
Equilibrium in a DeFi Lending Market
Thomas Rivera1 , Fahad Saleh2 , Quentin Vandeweyer3
1 McGill University; 2 Wake Forest University; 3 University of Chicago
Discussant: Maximilian Guennewig (University of Bonn)
8:30am - 10:15am6.2: Real Effects of Private Equity Location: Tegel Session Chair: Ulrich Hege , Toulouse School of Economics
When Private Equity Comes to Town: The Local Economic Consequences of Rising Healthcare Costs
Cyrus Aghamolla2 , Jash Jain1 , Richard Thakor1
1 University of Minnesota, Carlson School of Management, United States of America; 2 Rice University, Jones School of Business
Discussant: Tong Liu (MIT)
More Guns Lead to More Crime: Evidence from Private Equity Deals
Niklas Hüther
Indiana University, United States of America
Discussant: Tereza Tykvova (University of St. Gallen and Swiss Finance Institute)
Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity
Vrinda Mittal
Kenan-Flagler Business School, University of North Carolina at Chapel Hill
Discussant: Marco Da Rin (Tilburg University)
8:30am - 10:15am6.3: Lending and Intermediation in Mortgage Markets Location: Charlottenburg I Session Chair: Barney Hartman-Glaser , UCLA
Army of Mortgagors: Long-Run Evidence on Credit Externalities and the Housing Market
Tobias Herbst1 , Moritz Kuhn2 , Farzad Saidi1
1 University of Bonn, Germany; 2 University of Mannheim, Germany
Discussant: Konstantin Milbradt (Northwestern University)
Housing Speculation, GSEs, and Credit Market Spillovers
Natee Amornsiripanitch1 , Philip Strahan2 , Song Zhang3 , Xiang Zheng4
1 Federal Reserve Bank of Philadelphia, United States of America; 2 Boston College; 3 University of Delaware; 4 University of Connecticut
Discussant: Pierre Mabille (INSEAD)
Spatially Targeted LTV Policies and Collateral Values
Chun-Che Chi1 , Cameron LaPoint 2 , Ming-Jen Lin3
1 Academia Sinica, Department of Economics; 2 Yale School of Management; 3 National Taiwan University, Department of Economics
Discussant: Jin Cao (Norges Bank)
8:30am - 10:15am6.4: Narratives and Investor Memory Location: Charlottenburg II Session Chair: Francesco D'Acunto , Georgetown University
Memory and Beliefs in Financial Markets: A Machine Learning Approach
Zhongtian Chen 1 , Jiyuan Huang2
1 University of Pennsylvania; 2 University of Zurich; Swiss Finance Institute
Discussant: Yong Kwon (Brown University)
Crash Narratives
William Goetzmann, Dasol Kim, Robert Shiller
Yale University, United States of America
Discussant: Constantin Charles (London School of Economics)
Media Narratives and Price Informativeness
Chukwuma Dim2 , Francesco Sangiorgi1 , Grigory Vilkov1
1 Frankfurt School of Finance & Management, Germany; 2 George Washington University
Discussant: Katrin Goedker (Bocconi University)
8:30am - 10:15am6.5: Household Finance over the Lifecycle Location: Charlottenburg III Session Chair: João Cocco , London Business School
Interest-Rate Risk And Household Portfolio
Sylvain Catherine2 , Max Miller1 , James Paron2 , Natasha Sarin3
1 Harvard Business School, United States of America; 2 Wharton; 3 Yale
Discussant: Matteo Leombroni (Boston College)
How Do Consumers Finance Increased Retirement Savings?
Taha Choukhmane, Christopher Palmer
MIT Sloan, United States of America
Discussant: Paolina Medina (University of Houston)
Borrow Now, Pay Even Later: A Quantitative Analysis of Student Debt Payment Plans
Nuno Clara1 , Francisco Gomes2 , Michael Boutros3
1 Duke University; 2 London Business School; 3 Bank of Canada
Discussant: Constantine Yannelis (University of Chicago)
8:30am - 10:15am6.6: Corporate Social Responsibility Location: Schöneberg Session Chair: Nickolay Gantchev , University of Warwick
One Hundred and Thirty Years of Corporate Responsibility
Joel F. Houston, Sehoon Kim , Boyuan Li
University of Florida, United States of America
Discussant: Nora Pankratz (Board of Governors of the Federal Reserve System)
Corporate Actions as Moral Issues
Elisabeth Kempf1 , Oliver Spalt2
1 Harvard University; 2 University of Mannheim
Discussant: Emirhan Ilhan (National University of Singapore)
Do Consumers Care About ESG? Evidence from Barcode-Level Sales Data
Jean-Marie Meier1 , Henri Servaes 2 , Jiaying Wei3 , Steven Chong Xiao4
1 University of Pennsylvania and University of Texas at Dallas; 2 London Business School; 3 Southwestern University of Finance and Economics (SWUFE); 4 University of Texas at Dallas
Discussant: Marco Ceccarelli (VU Amsterdam)
10:15am - 10:30amCoffee Break Location: Gartenlounge
10:30am - 12:15pm7.1: Implementing Optimal Trades Location: Tiergarten Session Chair: Jason Roderick Donaldson , USC
Money and Taxes implement Dynamic Optimal Mechanisms
Bruno Biais1 , Jean Charles Rochet2 , Stéphane Villeneuve2 , Hans Gersbach3 , Elu von Thadden4
1 HEC, France; 2 TSE; 3 ETH; 4 Mannheim University
Discussant: Vladimir Asriyan (CREI and BSE)
Time Trumps Quantity in the Market for Lemons
William Fuchs, Piero Gottardi, Humberto Moreira
University of Texas Austin / UC3M, United States of America
Discussant: S \"Vish\" Viswanathan (Duke University)
Committing to Trade: A Theory of Intermediation
Francesco Sannino
Frankfurt School of Finance & Management, Germany
Discussant: Xiaobo Yu (Columbia Business School)
10:30am - 12:15pm7.2: Determinants of Firm Investment and Labor Demand Location: Tegel Session Chair: Dirk Hackbarth , Boston University
Firm-Level Labor-Shortage Exposure
Qiyang He1 , Jarrad Harford2 , Buhui Qiu1
1 University of Sydney Business School; 2 University of Washington
Discussant: Ramin Baghai (Stockholm School of Economics)
ChatGPT and Corporate Policies
Manish Jha1 , Jialin Qian1 , Michael Weber2 , Baozhong Yang1
1 Georgia State University; 2 University of Chicago
Discussant: Gaurav Kankanhalli (University of Pittsburgh)
Temperature and Local Industry Concentration
Jacopo Ponticelli1 , Qiping Xu2 , Stefan Zeume2
1 Northwestern University; 2 University of Illinois Urbana Champaign
Discussant: Ivo Welch (UCLA)
10:30am - 12:15pm7.3: Heterogeneity in Runs Location: Charlottenburg I Session Chair: Mark Flannery , University of Florida
Sophisticated and Unsophisticated Runs
Marco Cipriani, Gabriele La Spada
Federal Reserve Bank of New York, United States of America
Discussant: Kebin Ma (Warwick Business School)
Corporate Runs and Credit Reallocation
Filippo De Marco1 , Elena Carletti1 , Vasso Ioannidou2 , Enrico Sette3
1 Bocconi University, Italy; 2 Bayes Business School, UK; 3 Bank of Italy, Italy
Discussant: Reint Gropp (Halle Institute for Economic Research (IWH))
The Making of an Alert Depositor: How Payment and Interest Drive Deposit Dynamics
Xu Lu1 , Yang Song2 , Yao Zeng3
1 University of Washington, United States of America; 2 University of Washington, United States of America; 3 University of Pennsylvania, United States of America
Discussant: Christoph Schiller (Arizona State University)
10:30am - 12:15pm7.4: Exports, Sovereign Debt, and Currencies Location: Charlottenburg II Session Chair: Daniel Neuhann , University of Texas at Austin
The Real Effects of Export Credit Subsidies: Evidence from the U.S. EXIM Shutdown
Poorya Kabir1 , Adrien Matray2 , Karsten Mueller1 , Chenzi Xu2
1 National University of Singapore; 2 Stanford University
Discussant: Mehran Ebrahimian (Stockholm School of Economics)
Dollar and Carry Redux
Sining Liu3 , Thomas Maurer1 , Andrea Vedolin2 , Yaoyuan Zhang1
1 The University of Hong Kong; 2 Boston University; 3 Soochow University
Discussant: Federico Gavazzoni (BI - Norwegian Business School)
Fiscal Constraints, Disaster Vulnerability, and Corporate Investment Decisions
Thorsten Martin1 , Florian Nagler2 , Nicola Fiore2
1 Frankfurt School; 2 Bocconi
Discussant: Seung Joo Lee (University of Oxford)
10:30am - 12:15pm7.5: Investor Beliefs and Biases Location: Charlottenburg III Session Chair: Simon Gervais , Duke University
Extrapolators and Contrarians: Forecast Bias and Household Stock Trading
Steffen Andersen1 , Stephen G. Dimmock2 , Kasper Meisner Nielsen1 , Kim Peijnenburg3
1 Copenhagen Business School; 2 National University of Singapore; 3 EDHEC Business School, France
Discussant: Cameron Peng (London School of Economics)
Financial Advisors and Investors’ Bias
Marianne Andries1 , Maxime Bonelli2 , David Sraer3
1 University of Southern California; 2 London Business School; 3 university of California, Berkeley
Discussant: Alessandro Previtero (Indiana University)
Households' Response to the Wealth Effects of Inflation
Philip Schnorpfeil1 , Michael Weber2 , Andreas Hackethal1
1 Goethe University Frankfurt; 2 University of Chicago
Discussant: João Cocco (London Business School)
10:30am - 12:15pm7.6: Real Effects of ESG Location: Schöneberg Session Chair: Jessica Jeffers , HEC Paris
“Glossy Green” Banks: The Disconnect Between Environmental Disclosures and Lending Activities
Mariassunta Giannetti1 , Martina Jasova2 , Maria Loumioti3 , Caterina Mendicino4
1 Stockholm School of Economics; 2 Barnard College, Columbia University, United States of America; 3 UT Dallas; 4 ECB
Discussant: Jess Cornaggia (Penn State University, Smeal College of Business)
Getting Dirty Before You Get Clean: Institutional Investment in Fossil Fuels and the Green Transition
Mayank Kumar
University of Michigan, United States of America
Discussant: Ulrich Hege (Toulouse School of Economics)
Impact Investing and Worker Outcomes
Josh Lerner1 , Markus Lithell2 , Gordon Phillips2
1 Harvard Business School; 2 Tuck School of Business at Dartmouth
Discussant: Kelly Posenau (Cornell University Johnson Graduate School of Management)
12:30pm - 2:00pmLunch: FIRS Business Meeting, JFI Awards, 20th Anniversary Address, and Denis Gromb Award Location: Pavillon
2:30pm - 4:15pm8.1: Equilibrium and Feedback from Financial Markets Location: Tiergarten Session Chair: Uday Rajan , University of Michigan
Feedback Between the Financial Market and the Product Market
Ken Deng, Joel Shapiro
University of Oxford, United Kingdom
Discussant: Alexander Guembel (Toulouse Capitole University)
Feedback on Emerging Corporate Policies
Sean Cao1 , Itay Goldstein2 , Jie He3 , Yabo Zhao4
1 University of Maryland; 2 University of Pennsylvania; 3 University of Georgia; 4 Chinese University of Hong Kong, Shenzhen
Discussant: Olivier Dessaint (INSEAD)
Multiple Equilibria in Noisy Rational Expectations Economies
Domotor Palvolgyi1 , Gyuri Venter 2 , Liyan Yang3
1 Eotvos Lorand University; 2 University of Warwick; 3 University of Toronto, Rotman
Discussant: James Dow (London Business School)
2:30pm - 4:15pm8.2: Financial and Production Networks Location: Tegel Session Chair: Julien Sauvagnat , Bocconi University
Global Business Networks
Christian Breitung , Sebastian Müller
Technische Universität München, Germany
Discussant: Christoph Schiller (Arizona State University)
The Epidemiology of Financial Constraints and Corporate Investment
William Grieser1 , Ioannis Spyridopoulos2 , Morad Zekhnini3
1 Texas Christian University; 2 American University; 3 Michigan State University
Discussant: Clemens Otto (Singapore Management University)
His Pain Is Your Gain: Market Competition and Foreign Currency Exposure
Yancheng Qiu
The University of Sydney Business School, Australia
Discussant: Paul Beaumont (McGill)
2:30pm - 4:15pm8.3: Fund Flows Location: Charlottenburg I Session Chair: Andrew Ellul , Indiana University
Fund Flows and Income Risk of Fund Managers
Xiao Cen1 , Winston Wei Dou2 , Leonid Kogan3 , Wei Wu 1
1 Texas A&M University, United States of America; 2 University of Pennsylvania (Wharton) and NBER; 3 MIT (Sloan) and NBER
Discussant: Alberto Manconi (Bocconi University)
Mutual Fund Clientele and Fund Flows
Daniel Fricke, Stephan Jank, Hannes Wilke
Deutsche Bundesbank, Germany
Discussant: Christian Kubitza (European Central Bank)
Intermediary Balance Sheet Constraints, Bond Mutual Funds’ Strategies, and Bond Returns
Mariassunta Giannetti2 , Chotibhak Jotikasthira1 , Andreas Rapp 3 , Martin Waibel2
1 SMU - Cox School of Business; 2 Stockholm School of Economics; 3 Federal Reserve Board of Governors
Discussant: Karamfil Todorov (BIS (Bank for International Settlements))
2:30pm - 4:15pm8.4: Expectations of Professional Forecasters and Investors Location: Charlottenburg II Session Chair: Harjoat Bhamra , Imperial College Business School
Excess Volatility in Professional Stock Return Forecasts
Martijn Boons1 , Giorgio Ottonello2 , Rossen Valkanov3
1 Tilburg, Netherlands; 2 Nova SBE, Portugal; 3 UCSD, United States of America
Discussant: Paul Whelan (Chinese University of Hong Kong)
Over/Under-reaction and Judgment Noise in Expectations Formation
Junyi Liao
university of essex, United Kingdom
Discussant: Savitar Sundaresan (Imperial College)
The Subjective Risk and Return Expectations of Institutional Investors
Couts Spencer1 , Andrei Goncalves2 , Johnathan Loudis3
1 University of Southern California, Lusk Center of Real Estate; 2 Fisher College of Business, The Ohio State University; 3 Mendoza College of Business, University of Notre Dame
Discussant: Federico Bastianello (London Business School)
2:30pm - 4:15pm8.5: Finance and Inequality Location: Charlottenburg III Session Chair: Murillo Campello , Cornell University
The Financial Origins Of Regional Inequality
Anne Beck1 , Sebastian Dörr2
1 World Bank, United States of America; 2 Bank for International Settlements, Switzerland
Discussant: Yaniv Grinstein (Reichman University)
The Price Of Leverage: Learning From The Effect Of LTV Constraints On Job Search And Wages
Gazi Kabas1 , Kasper Roszbach2
1 Tilburg University; 2 Norges Bank
Discussant: Hyunseob Kim (Federal Reserve Bank of Chicago)
Escaping Violent Death: Access to Credit and Female Mortality
Janis Skrastins1 , Bernardus van Doornik2 , David Schoenherr3
1 Washington University in St. Louis, United States of America; 2 Central Bank of Brazil; 3 Princeton University
Discussant: Maria Boutchkova (The University of Edinburgh)
2:30pm - 4:15pm8.6: Market Incentives for Clean Investment Location: Schöneberg Session Chair: Anjan Thakor , Washington University in St. Louis
Reducing Carbon using Regulatory and Financial Market Tools
Franklin Allen2 , Adelina Barbalau1 , Federica Zeni3
1 University of Alberta; 2 Imperial College London; 3 World Bank
Discussant: Robin Döttling (Erasmus University Rotterdam)
Externalities of Responsible Investments
Michele Bisceglia1 , Alessio Piccolo2 , Jan Schneemeier2
1 Toulouse School of Economics; 2 Indiana University
Discussant: David Pothier (University of Vienna)
The Market for ESG Ratings
Ehsan Azarmsa1 , Joel Shapiro2
1 University of Illinois Chicago, United States of America; 2 University of Oxford, Said Business School
Discussant: Jan Starmans (Stockholm School of Economics)